Full Press Release Details
Reports Third Quarter 2017 Financial Results
Quarter Revenue of $121.8 Million, Up 28% Year-Over-Year, Exceeds
Expectations; Gross Margin Improves to 60.5%
Raises Full Year 2017 Revenue Guidance to a Range of $456 to $459
million, Up from $440 to $450 Million, Representing Growth of 25% at
BILLERICA, Mass.--(BUSINESS WIRE)--November 2, 2017--Insulet Corporation
(NASDAQ: PODD) (Insulet or the Company), the leader in tubeless insulin
pump technology with its Omnipod Insulin Management
System (Omnipod System), today announced financial results for the three
months ended September 30, 2017.
Third Quarter Highlights and Recent Developments:
Third quarter revenue of $121.8 million exceeds the Company's guidance
of $112 to $116 million, a year-over-year growth of 28%.
U.S. Omnipod revenue of $70.1 million, an increase of 17%.
International Omnipod revenue of $32.5 million, an increase of 70%.
Drug Delivery revenue of $19.2 million, an increase of 19%.
Gross margin of 60.5%, up 180 basis points, due to improved
manufacturing and operational performance.
Broke ground at new, state-of-the-art manufacturing facility in Acton,
Presented real-world data, at the European Association for the Study
of Diabetes meeting in Lisbon, Portugal, on the use of Omnipod in
approximately 39,000 patients using a cloud-based data management
system; provides further evidence of the many benefits of the Omnipod
"We achieved strong third quarter results across all of our businesses,
particularly in our international business," said Patrick Sullivan,
Chairman and Chief Executive Officer. "In addition to our 28% revenue
growth, we achieved a 180-basis point improvement in gross margin. We
are well on our way to our fiscal 2021 targets of $1 billion in revenue
and approaching 70% gross margin. We are pleased with our progress in
product innovation and the growing body of clinical data supporting the
many benefits of our Omnipod System, as highlighted at the European
Association for the Study of Diabetes conference in September. In the
third quarter, we broke ground at our new, state-of-the-art
manufacturing facility in Massachusetts, which will create manufacturing
redundancy and improve operating efficiencies and product quality."
Third Quarter 2017 Financial Results:
Third quarter 2017 revenue increased 28% to $121.8 million, compared to
revenue of $94.9 million in the third quarter of 2016.
Operating income for the third quarter of 2017 was $2.0 million,
compared to operating income of $2.4 million in the third quarter of
Net loss for the third quarter of 2017 was $2.2 million, or $0.04 per
share, compared with a net loss from continuing operations of $3.0
million, or $0.05 per share, in the third quarter of 2016.
For the year ending December 31, 2017, the Company is raising its
revenue guidance to a range of $456 to $459 million (previously $440
to $450 million), compared to 2016 revenue of $367.0 million. This
represents year-over-year revenue growth of approximately 25% at the
mid-point of the range.
For the quarter ending December 31, 2017, the Company is introducing
revenue guidance in the range of $123 to $126 million, compared to
fourth quarter 2016 revenue of $103.6 million. This represents
year-over-year revenue growth of approximately 20% at the mid-point of
Future results may be affected by changes in ongoing assumptions and
judgments, and may also be affected by non-recurring, unusual or
unanticipated charges, expenses or gains.
Insulet will host a conference call at 4:30 p.m. (Eastern Time) on
November 2, 2017 to discuss the financial results and outlook. The link
to the live call will be available on the Investor Relations section of
the Company's website at http://investors.insulet.com, "Events
and Presentations", and will be archived for future reference. The call
may also be accessed by dialing (844) 831-3022 for domestic callers or
(315) 625-6887 for international callers, passcode 88077046.
About Insulet Corporation:
Insulet Corporation (NASDAQ: PODD) is an innovative medical device
company dedicated to making the lives of people with diabetes easier.
Insulet seeks to expand the use of insulin pump therapy with its Omnipod
Insulin Management System among people with insulin-dependent diabetes.
The Omnipod System is a revolutionary and easy-to-use tubeless insulin
pump that provides up to three days of non-stop insulin delivery,
without the need to see or handle a needle. Insulet's Delivery Systems
business partners with global pharmaceutical and biotechnology companies
to adapt the Omnipod technology platform for the delivery of
subcutaneous drugs across multiple therapeutic areas. Founded in 2000,
Insulet Corporation is based in Billerica, Massachusetts. For more
information, please visit: http://www.myomnipod.com.
Forward-Looking Statement:
The 2017 financial results contained in this news release are subject to
finalization in connection with the preparation of the Company's Form
10-Q for the quarter ended September 30, 2017. This press release
contains forward-looking statements concerning Insulet's expectations,
anticipations, intentions, beliefs or strategies regarding the future.
These forward-looking statements are based on its current expectations
and beliefs concerning future developments and their potential effects
on Insulet. There can be no assurance that future developments affecting
Insulet will be those that it has anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond its control) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include, but
are not limited to: risks associated with the Company's dependence on
its principal product, the Omnipod System; Insulet's ability to reduce
production costs and increase customer orders and manufacturing volumes;
adverse changes in general economic conditions; impact of healthcare
reform laws; Insulet's ability to raise additional funds in the future
on acceptable terms or at all; potential supply problems or price
fluctuations with sole source or third-party suppliers on which Insulet
is dependent; the potential establishment of a competitive bid program
for conventional insulin pumps; failure by Insulet to retain supplier
pricing discounts and achieve satisfactory gross margins; failure by